Azerbaijani banks' total assets increased in December last year 822.2 million or 4.9% to 17,643.4 mln. Since the beginning of the banking assets grew by 26.5%.
According to the Central Bank of Azerbaijan, credit investments at 1 January 2013 amounted to 12399.4 million manat, an increase in the reported period by 5.8%. Over the past year, lending to the economy grew by 27.8%.
Deposits in banks in December increased 350.4 million or 7.4% to 5113.4 million manat. This index since the beginning of the year has increased 24.1%.
The aggregate capital of the banking sector has increased in the period by 125.2 million or 5.1% to 2,573 mln AZN. During the year the figure rose by 686.7 million or 36.4%. - 15B -
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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